Recently, housing wealth has come to the fore as predictor of welfare attitudes. However, it is unclear whether people also change their vote based on their housing market position. This article shows, for three Dutch elections in 2006, 2010, and 2012, that housing wealth was a predictor of party choice during housing market downturns. In 2012, individuals in households in negative equity were more likely to vote pro-welfare, while respondents most at risk of negative equity were more likely to vote pro-homeownership. This finding is corroborated in our analysis of party choice change. Voters are thus responsive to changing housing wealth positions. Our results are in line with economic voter theories and illustrate the emerging importance of housing wealth for this framework.